Unified Standards for Financial Planning Profession in Canada

Date : 31 March 2015

The Institut québécois de planification financière (IQPF) and the Financial Planning Standards Council (FPSC) have established unified standards for financial planning in Canada, in a document titled Canadian Financial Planning: Definitions, Standards & Competencies.

In unifying financial planning standards, FPSC and IQPF have established a unified code of ethics and a common set of practice standards to which individuals holding the F.Pl. and CFP® designations should abide, thus defining the ethical and performance standards that clients should expect from a professional relationship.

The IQPF and FPSC have also clearly defined “financial planning,” a “financial planner” and a “financial plan.” Their definitions underscore objectivity, confidentiality and a high minimum level of competence as essential characteristics of professional financial planners. Critically, the organizations stipulate that a true financial planner must agree to be accountable to professional oversight and put their client’s interests first.

The Canadian standards are also built on the highest professional standards worldwide, through association with the Financial Planning Standards Board (FPSB), whose members collectively represent more than 150,000 financial planners internationally.